Senior Collections Specialist

Financial Resources Federal Credit Union Inc; Branchburg Township (NJ); On-site; USD 41,000 - 48,000; Full time

Benefits offered by this job

4 Day Work Week

Hybrid work environment

Generous paid time off

Health, dental and vision plans

Health Savings and FSA accounts

Parental Leave

Job summary

Financial Resources FCU in Branchburg, NJ is seeking a Senior Collections Specialist to manage member delinquency and coordinate with lending, risk, and compliance teams. The role is based on-site in Branchburg, five days a week for the first 90 days, with a move to a 4-day work week and a hybrid schedule afterward.

The ideal candidate has 4+ years in collections within a financial institution, strong negotiation skills, and proficiency in regulatory requirements.

Qualifications

• Minimum of 4 years of collections experience with a Credit Union or Bank, or another type of Financial Institution is required.
• Knowledge of collection policies, procedures, laws and regulations
• Strong listening and negotiation skills
• Experience in preparing loan modifications and deferments, including skip payment letters
• Professional phone etiquette with enthusiasm
• Proficient in Microsoft Word and Excel
• Knowledge of Carm-Pro and COCC Insight/Fiserv DNA systems are a plus

Responsibilities

• Handle all collections related communication including inbound and outbound collection calls, e-mail and letters.
• Fully document all collection activities on past due accounts including all calls into the required collection systems.
• Prioritize daily collection activities as needed for efficiency and optimum workflow and to maximize collected accounts.
• Process ACH / check by phones and other automatic payments to satisfy delinquent obligations.
• Research member related accounts to cover delinquency and exercise Right of Set off, whenever possible.
• Prepare and distribute default, deficiency and demand letters.
• Assist with the preparation of monthly delinquency, bankruptcy, modification and charge off reports for management review.
• Occasional site inspections, as needed
• Interact and work with third party vendors such as attorneys, appraisers and collection agencies as necessary
• Skip trace when required.
• Handle repossessions and disposition of vehicle assets
• Properly record and document all pertinent correspondence.
• Track and monitor all OAO (Other Assets Owned) Report and create bi-weekly reports
• Monitor and track loan remittances from collections agents and attorneys.
• Serve as subject matter expert for complex collection situations
• Identify trends and recommend improvements to collection process

Skills

Collections experience

Credit union experience

Regulatory knowledge

Negotiation skills

Tools

Microsoft Word

Excel

Carm-Pro

COCC Insight

Job description

If you are unable to complete this application due to a disability, contact this employer to ask for an accommodation or an alternative application process.

Senior Collections Specialist

Loan Servicing Full Time Branchburg, NJ, US

Salary Range: $30.00 To $35.00 Hourly

Financial Resources FCU has been designated one of the Best Places to Work in NJ since 2022! At FRFCU, we are "putting people first" and that starts with our employees! Come see why our team members have voted us for Best Places to Work in NJ!

Financial Resources is a not-for-profit federal credit union with locations in Somerset, Hunterdon, Middlesex, Union and Hudson Counties. With a history of serving our members for more than 100 years, we have grown to more than $650 million in assets serving more than 29,000 members with 6 public access branches and a team of 100 employees. We are available Nationwide! Our Loan Servicing Department is recruiting for a Senior Collections Specialist to help assist members with payment options when finding it difficult to make timely payments on their loans. With a member first focus, this role has the ability to help our members when they need it the most and to also assist the Credit Union with it’s Asset Quality goals.

The candidate must possess a thorough understanding of collection best practices and a comprehensive knowledge of all applicable State and Federal laws and regulations governing collection activities, including consumer protection requirements, bankruptcy laws, fair debt collection practices, and related compliance standards. Familiarity with regulatory expectations, internal controls, audit requirements, and risk management principles is required to ensure all collection activities are conducted in a compliant and ethical manner.

Additional responsibilities include collaborating with lending, risk management, compliance, and legal teams to develop effective collection strategies, improve operational efficiencies, and support organizational objectives. The individual will be expected to identify opportunities for process enhancement, contribute to policy and procedure development, and assist in training and mentoring collection staff as needed. A commitment to operational excellence, regulatory compliance, customer service, and achieving portfolio performance goals is essential for success in this role.

This position is located in Branchburg, NJ and will require on site work, 5 days per week, during the first 90 days of employment. After this, based on satisfactory work performance, you will qualify for our Work/Life Balance program with options to work in the office 3 days per week, remotely 1 day per week and have off 1 day every week. Welcome to our 4 day work week program!

We are looking for someone who exemplifies the following traits:

• Caring


• Initiative


• Ethics


• Job Knowledge


• Self-Development


• Teamwork


• Customer Service


• Decision Making


• Results Driven


• Product Expertise

Some of your essential duties will include, but are not limited to:

• Handle all collections related communication including inbound and outbound collection calls, e-mail and letters.


• Fully document all collection activities on past due accounts including all calls into the required collection systems.


• Prioritize daily collection activities as needed for efficiency and optimum workflow and to maximize collected accounts.


• Process ACH / check by phones and other automatic payments to satisfy delinquent obligations.


• Research member related accounts to cover delinquency and exercise Right of Set off, whenever possible.


• Prepare and distribute default, deficiency and demand letters.


• Assist with the preparation of monthly delinquency, bankruptcy, modification and charge off reports for management review.


• Occasional site inspections, as needed


• Interact and work with third party vendors such as attorneys, appraisers and collection agencies as necessary


• Skip trace when required.


• Handle repossessions and disposition of vehicle assets


• Properly record and document all pertinent correspondence.


• Track and monitor all OAO (Other Assets Owned) Report and create bi-weekly reports


• Monitor and track loan remittances from collections agents and attorneys.


• Serve as subject matter expert for complex collection situations


• Identify trends and recommend improvements to collection process

What we offer to our team members:

• Work Life Balance Programs that includes a 4 Day Work Week and Hybrid work environment after satisfactory completion of your training period


• Generous paid time off


• Health, dental and vision plans for employees and their families


• Health Savings and Flex Spending Accounts


• Paid Parental Leave Programs


• Short and Long-Term Disability Programs


• Company provided life insurance and low-cost supplemental insurance plans


• 401K with 100% employer match, up to 6%, after one year and potential for additional profit-sharing contributions


• Opportunities for career advancement with continuous learning and development

We ask that you have:

• Minimum of 4 years of collections experience with a Credit Union or Bank, or another type of Financial Institution is required


• Knowledge of collection policies, procedures, laws and regulations


• Strong listening and negotiation skills


• Experience in preparing loan modifications and deferments, including skip payment letters


• Professional phone etiquette with enthusiasm


• Proficient in Microsoft Word and Excel


• Knowledge of Carm-Pro and COCC Insight/Fiserv DNA systems are a plus